Is it wrong to spend your kids’ inheritance?
It’s the age-old inheritance debate. Should you spend your hard earned cash enjoying your golden years or is it your duty to leave a nest egg for the next generation?
Even if you’d like to spend your retirement having the time of your life, there’s increasing pressure to conserve your cash to leave your children a bit more than keepsakes when you’ve gone.
SunLife’s recent research into household income and spending in the UK revealed that 1 in 6 adults are banking on an inheritance to help them financially, with 1 in 10 going so far as to say that their parents are blowing far too much of their inheritance.
So should you be spending your life savings doing all the things you enjoy? The new generation of SKI-ers (that’s Spending the Kids Inheritance) certainly think so. Retirees are more active than ever before and are using their financial freedom and lack of ties to travel and pursue their hobbies.
Or, do you feel a little more sympathetically towards your children? Whilst you may have reaped the benefits of a free education and a final salary pension, your children may well be weighed down by the burden of student debt and ever rising house prices.
Tell us where you stand. Take part in the Great British Inheritance debate today.
Source: Research conducted by Charterhouse Research April 2015, commissioned by SunLife.